A new fintech business which I was introduced to previously this year. How To Order A Currensea Card…
It has won a few awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your existing account– simply without the normal 3% cost.
Oh, and is complimentary to look for, which also assists.
There are also some intriguing travel benefits if you select a paid strategy, but the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add more and more functions which your existing consumers don’t actually need or desire
add constraints, fees or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Order A Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately verifies that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest alert by means of the app, if you pick to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a great app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less fret about lacking cash and the extra action. That does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, allowing us to make earnings from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on transactions.
Whenever you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. How To Order A Currensea Card